Host: Matthew Gamser, CEO, SME Finance Forum
Speaker: H.E. Dr. Muhammad Sulaiman Al Jasser, President, Islamic Development Bank (IsDB)
A warming planet creates a wide range of risks for businesses, from disrupted supply chains to rising insurance costs to labor challenges. Climate change and extreme weather events such as hurricanes, floods and fires have a direct impact on 70% of all economic sectors worldwide.
Climate change is one of the biggest challenges of our time that does not only have a negative impact on the progress of economic development across many countries but also the core mission of the Islamic Development Bank (IsDB) Group. There is indeed a need to take action on climate change to achieve sustainable development and economic growth.
IsDB is implementing a climate action plan to align its operation and business activities in transitioning to more resilient and sustainable economies. The Bank will build their resilience and reduce their vulnerability through number of ways including sectoral approaches and intervention, policy-level approaches, and financial support.
IsDB actively seeks ways to address and manage climate risks across all areas of its operations, investments and policies. In addition, the Bank also focuses on green growth and promote the transition into green economy. Supporting green growth provides benefits at the local, national and global levels such as reducing pollution, greenhouse gas emission, and minimizing waste. However, transitioning to a low-carbon economy can be more challenging for some countries than others especially developing countries.
Climate resilience reduces the social, environmental, developmental and financial risks and impacts of climate change.
The key for sustainable development is to set a strong foundation of effective policy and regulations while promoting and encouraging green investments.
The transition to a low-carbon and green economic growth provides better employment conditions and opportunities for skill developments.
- Climate risk management is crucial toward the long-term and short-term sustainability and economic growth objectives of IsDB.
Words of Wisdom
“Rising temperature and increase in heat threat at work will lead to a loss of about 80 million full-time jobs and results in global economic jobs loss” H.E. Dr. Muhammad Sulaiman Al Jasser, President, Islamic Development Bank (IsDB)